MBNA employees hopeful for buyout as Bank of America plans to close UK division

MBNA accounts for £12 billion in credit card lending

The Bank of America is withdrawing from the U.K. credit card market with massive potential job losses for employees at MBNA in England and Ireland. MBNA credit cards account for around £12 billion in U.K. lending, representing the major player in affinity cards. Charity cards, such as the National Trust, along with Ryanair credit cards, football cards, and many others, are all handled by MBNA.

During the 14 years MBNA has operated from the U.K. it has amassed a huge employee base. If it withdraws without a buyer then up to 4,000 jobs in England and another 1,000 in Ireland are at risk, according to the

Staff were only informed of MBNA's decision on Monday lunchtime. According to the Guardian "Some in Ireland protested against the lack of information, saying they heard the news first from concerned US relatives who had phoned to see if their jobs were secure."

The Independent reports that Bank of America has already sold its portfolio of business card loans to Barclays in April.

Employees will face some anxious months ahead as there are hopes a buyer will be found. The Liverpool Daily Post reports that Richard Branson's Virgin Money is a potential buyer. A Virgin Money spokesman said "We are long-term partners with Bank of America. Our credit cards are issued by MBNA. We know the people and the business. No doubt we will be involved in the process as it goes forward."

Another potential buyer could be the Spanish owned Santander, although the company would not comment on market speculation. Analysts are of the opinion that it is likely MBNA will attract a buyer.